US TAXATION SUPPORT FOR RESIDENTS AND NON-RESIDENTS

Where Do You Call Home?

Each year, we help hundreds of families, small business start ups, entrepreneurs and mature corporations to navigate the plethora of tax laws that pertain to their specific financial picture.

Our years of experience in taxation, business advisory roles, succession planning,  estate planning & trusts seasoned by senior financial management positions in private companies, ensure you’re gaining proven wisdom and in depth thinking.  When it comes to your company’s growth, our professionals will work with you to develop the appropriate strategies to save you money and maximize returns.

Understanding how changes in domestic and international regulations can impact your company is critical.

You operate a business in Canada, but your business dealings may touch in many areas across the border, or abroad.  Understanding how changes in domestic and international regulations can impact your company is critical.

Cross border interaction expands your market, but being fully aware of potential US tax liabilities is your foremost responsibility.

Let DSK guide you with tax planning strategies that will prepare you for your cross border tax obligations, keep you informed, and work to reduce your tax burden.

Contact us today to discuss proactive tax planning solutions for your business.

US Personal Income Tax - 2018 Year

IT’S THAT TIME AGAIN! WHERE DID THE YEAR GO?

There were many changes introduced these past couple of years that instead of making it easier to complete your own tax return, have made it more difficult. Simple returns are not simple if you don’t know about the intricacies of the US tax system. Thank you for having the trust in us to be your US tax accountant.

So why return to DSK?  You know us and we know you.  We prepared your return last year and quite possibly for
over a decade.  Your information is on file with us.  Protected and secure.  Once we have received all of your tax
information your return will be ready for filing with the Internal Revenue Agency within the filing deadlines.  Unless it is prohibited, your tax return will be filed using our electronic filing facility once the returns are signed and payment is received in our office.  This will speed up the processing of your return by the IRS and decrease the wait time for a refund.

Our tax partner, Jason Kingston, CPA, CGA, EA(US) is one of a very small number of Enrolled Agents with the
Internal Revenue Service in the Kitchener / Waterloo and Cambridge area, and DSK LLP is the only Certified
Acceptance Agent with the IRS in the area.

 

BASE FEE

TYPE OF TAX RETURN (HST extra)
1040NR Return       400.00
1040 Return       600.00
1040 Return with FBAR filing (up to 5
accounts)
      675.00
Additional per return if applicable:
Form 8621 – Foreign Mutual Fund (each)        75.00
Form 3520/3520A        100.00
Form 5471        150.00
ITIN application (W7)        100.00

Here's What We Expect From YOU!

  • If you are a US citizen/Green card holder and hold more than $10,000 USD combined in accounts in
    Canada that you have signing authority over, you have to file FBARs. For your FBAR’s – for each Canadian
    (foreign to the US) account we need:
    – Account number
    – Name of the financial institution
    – Highest balance of that account in the year or December 31 balance
    – Type of account (savings, chequing, TFSA, RESP, investment etc.)
  • If the US citizen/green card holder holds an RESP or TFSA, we need those statements from Jan-Dec 2018.
  • If you are a US citizen/green card holder and we are not completing your Canadian return, we need a copy
    of your completed Canadian return and any US slips. If you are filing a US non-resident return, a copy of
    your Canadian return is not necessary.
  • If you are a US citizen/green card holder and you are a shareholder of a corporation, we need a copy of
    your last financial statements (ending in 2018).
  • If you are a US citizen/green card holder and you have capital gains to report (a gain/loss investment
    summary) and we do not do your Canadian return, we need a copy of that report.
We know you – but not everything. Please make sure you include all information on anything that has changed this year for you which will impact your tax return.  New family members, change of address, change in marital status, – anything that is different!

Please schedule an appointment if needed as early as possible.  If your tax situation is the same as in previous years, you can simply drop off your paperwork at whichever office is more convenient for you.  If an appointment is required to discuss your tax matters please contact us to schedule an appointment as soon as possible.  Due to the hectic time of year we will need to try and keep the appointment to 15 minutes in order that we may meet with you and still have time to prepare your return.

One last thing… We’d love if you referred us.  We really like doing business with you.  We hope you feel likewise.  Looking after your financial and tax affairs can be challenging, interesting, professionally and intellectually
stimulating.  Often it requires the training and experience that only a Chartered Professional Accountant can offer.  So, whenever an opportunity arises, please refer us to your friends and colleagues. We’ll do our very best to honour your recommendation.

Thank you from all of us. For more information please refer to our website: WWW.DSKCPA.CA

Cross Border Business Transactions

Our vibrant global economy has been encouraging steady expansion into cross border markets with no signs of slowing down! Trends show that more and more, individuals and businesses are establishing working relationships, purchasing real estate, and calling both sides of the border “home”. DSK can help you understand your reporting requirements, and put together a comprehensive tax planning strategy. As either a Canadian or US resident, you may have investments or business transactions that effectively fall outside of your country of residence.

We’ll ensure that you have a clear understanding of your tax obligations on both sides of the border.

Non-Resident, Non Filer Streamlined Procedure for U.S. Persons

Since June 2012, the IRS has administered a streamlined filing program to allow non-compliant U.S. persons to become compliant with their tax filing obligations. The program requires a U.S. person to file the last three years of personal income tax returns, as well as the last six years of Reports of Foreign Bank and Financial Accounts (FBARs). Additional reports may be required based on the specific taxpayer’s situation. There is also a questionnaire and potentially specific declarations that need to accompany the filing package.

Compliance with FACTA

DSK can help you understand your reporting requirements, and put together a comprehensive tax planning strategy.

 

Citizens Living Abroad

If you’re a US citizen or a green card holder, you’ll likely have US tax filing obligations even if you haven’t been to the USA or left several years ago.

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Know Your Filing Requirements!  For more information, contact Jason Kingston or Heather Holland